Another day, another business bankruptcy. This time it’s the parent company of a number of stores you’re probably familiar with, including American Freight, Pet Supplies Plus, and Vitamin Shoppe. Here’s what we know about which stores are closing, and which stores are safe — for now.
What Company Filed for Bankruptcy?
Franchise Group, Inc., also known as FRG, filed for Chapter 11 bankruptcy protection and restructuring on Nov. 3, 2024. In court documents, the company stated it had almost $2 billion in debt. Because the company owns a number of brands, it has decided to close operations for some in order to save other brands.
Which Stores Does FRG Own?
FRG owns stores in the furniture, pet, and vitamin businesses. There are five, including The Vitamin Shoppe, American Freight, Pet Supplies Plus, Buddy’s Home Furnishings, and Wag N Wash.
Which Stores are Closing?
The company has decided to close all American Freight stores nationwide. There are 365 stores in 40 states, so it’s a large brand. Closing sales at all stores and online will begin on Nov. 5. So if you have an American Freight location near you and you’re in the market for a new couch or mattress, be sure to keep an eye on the liquidation sale signs.
Will FRG’s Other Stores Be Affected?
At the moment, FRG has announced that it is only closing American Freight. But considering this is a bankruptcy, it wouldn’t be a stretch to imagine that other stores, like Vitamin Shoppe or Pet Supplies Plus, may be on the chopping block in the future if restructuring doesn’t solve the company’s problems.
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